Kyobo Life Insurance Strengthens Market Position with Strategic Shift

Kyobo Life Insurance has made a significant shift in its market strategy, solidifying its position as a major player in the industry. This strategic move has allowed the company to expand its customer base and increase its market share.

By focusing on its core strengths and identifying areas for improvement, Kyobo Life Insurance has been able to adapt to changing market conditions and stay ahead of the competition. The company's commitment to innovation and customer satisfaction has paid off, resulting in increased revenue and profitability.

Kyobo Life Insurance's strategic shift has also enabled the company to diversify its product offerings, providing customers with a wider range of insurance options. This has helped to attract new customers and retain existing ones, further solidifying the company's market position.

The company's efforts to strengthen its market position have been successful, with Kyobo Life Insurance now considered one of the leading life insurance companies in Korea.

Kyobo Life Insurance has been recognized for its innovative approach to life insurance. The company's "Kyobo Cancer and Whole Life Care Insurance" plan is a great example of this.

This plan provides financial support for policyholders diagnosed with cancer or requiring long-term care. It guarantees a full refund of premiums paid during the premium payment period, while waiving future payments.

Policyholders can also choose to receive a "death benefit bonus" equal to 50 percent of the total premiums paid under the main contract. This bonus is paid after the premium payment period.

The plan offers flexible payout options, allowing beneficiaries to receive death benefits in installments. This can be especially helpful for families who need to cover ongoing expenses.

Kyobo Life Insurance offers optional riders for conditions such as ischemic heart disease and cerebrovascular diseases. These riders can provide additional protection for policyholders who are at risk for these conditions.

Policyholders can also convert up to 90 percent of the death benefit into periodic payouts over a maximum of 20 years. This can create a steady income stream for living expenses or education.

The plan is available to individuals aged 15 to 72, with premium payment terms ranging from five to 30 years. Policies with a base coverage of at least 50 million won include access to Kyobo's health care services.

Kyobo Life Insurance has a strong corporate structure in place. The company is led by a president and CEO, who oversees the overall strategy and direction of the business.

The company's organizational structure is divided into several departments, including the General Affairs Division, the Sales Division, and the Risk Management Division. These departments work together to achieve the company's goals.

Kyobo Life Insurance has a total of 12 branches and 23 sub-branches across South Korea, providing a wide reach and accessibility to its customers.

Kyobo Life Insurance has launched a new life insurance plan that combines whole life insurance with added lifetime protection for cancer and long-term care.

The "Kyobo Cancer and Whole Life Care Insurance" provides financial support for policyholders diagnosed with cancer or requiring long-term care, guaranteeing a full refund of premiums paid under the main contract during the premium payment period.

This product is designed to address the challenges of an aging population and rising health care costs by offering features aimed at long-term stability.

Policyholders can choose a reduced surrender value option, which lowers premiums during the payment period, and also convert up to 90 percent of the death benefit into periodic payouts over a maximum of 20 years.

The plan allows flexible payout options, enabling beneficiaries to receive death benefits in installments, and includes access to Kyobo's health care services, offering health management and disease-specific care.

Policyholders can also add optional riders for conditions such as ischemic heart disease and cerebrovascular diseases, as well as advanced cancer treatments and recurrent diagnoses.

The plan is available to individuals aged 15 to 72, with premium payment terms ranging from five to 30 years.

Kyobo Life Insurance Co. plans to shift to a financial holding company structure.

This move is a significant step for the company, as it will be the first Korean life insurer to operate under this structure.

Kyobo Life Insurance has been internally reviewing this shift since 2005, but this is the first time the plan has been officially announced.

The company aims to create a financial holding company by splitting the stock and cash of its subsidiaries in the first phase.

Kyobo Life Insurance has 16 subsidiaries and affiliated companies, including Kyobo Securities Co., which is the only listed company.

The holding company structure will allow Kyobo Life Insurance to secure a mid- to long-term growth momentum through business diversification and creation of synergies among affiliates.

A key challenge to this transformation is securing agreement from major shareholders, particularly Chairman Shin Chang-jae, who controls 33.78 percent of the insurer.

Kyobo Life holds a strong market position as one of Korea's top-three life insurers with an 11.4% market share in 2023.

Its conservative estimates of future insurance profits contribute to its high earnings stability, which is a testament to the company's prudent risk management.

Kyobo Life's market share is a significant indicator of its solid market position, which is expected to remain steady over the next 12 to 18 months.

Kyobo Life Insurance has launched a new life insurance plan that combines whole life insurance with added lifetime protection for cancer and long-term care.

The "Kyobo Cancer and Whole Life Care Insurance" provides financial support for policyholders diagnosed with cancer or requiring long-term care, guaranteeing a full refund of premiums paid during the premium payment period.

Policyholders diagnosed with cancer or requiring long-term care can receive financial support without worrying about future premium payments.

The plan also offers a "death benefit bonus" equal to 50 percent of the total premiums paid under the main contract, further enhancing financial support for beneficiaries.

This bonus can make a significant difference in providing for loved ones after a policyholder's passing.

Policyholders can also choose to add optional riders for conditions such as ischemic heart disease and cerebrovascular diseases, as well as advanced cancer treatments and recurrent diagnoses.

These riders can provide even more comprehensive coverage for policyholders and their families.

With Kyobo's health care services, policyholders can access health management and disease-specific care, giving them peace of mind and support throughout their journey.

Kyobo Life is a top performer in Korea's life insurance market, holding an impressive 11.4% market share in 2023.

Its strong market position is due in part to stable underwriting profitability, with a return on capital (ROC) of 3.0% in 2023 under IFRS 17.

The insurer's conservative estimates of future insurance profits contribute to its high earnings stability, making it a reliable choice in the market.

Kyobo Life's capitalisation is robust, with a Korea Insurance Capital Standards (K-ICS) ratio of 193.8% as of 31 December, a testament to its prudent risk management.

A Moody's-adjusted financial leverage ratio of 10.4% as of 31 December also indicates the insurer's low financial leverage, which is expected to remain stable over the next 12 to 18 months.